Jamb Accounts - Principles of Accounts Past Questions and Answers

Question 1186:

• JAMB 2018

In the absence of a partnership deed, the act stipulates that____________

A. An amount should be fixed as salaries for partners
B. Profits and losses should not be shared equally
C. Interest on partner’s loan should be 25%
D. Interest should not be allowed on partners drawings

Question 1187:

• JAMB 2018

A partnership’s internal regulation are set out by________---

A. A constitution
B. A law
C. A deed
D. An article

Question 1188:

• JAMB 2018

Sule and Ahmed are in partnership sharing profit and losses equally. If Khadija is admitted as a new partner to take 1/5 th as her share. What is the new profit or loss sharing?

A. Sule1/3, Ahmed1/3, Khadija 1/3
B. Sule1/3, Ahmed1/3, Khadija 1/3
C. Sule1/5, Ahmed1/5, Khadija3/5
D. Sule2/5, Ahmed1/5, Khadija2/5

Question 1189:

• JAMB 2018

Transfers from the head office to branches are best carried out at__________

A. Cost price
B. Cost plus mark up
C. Selling price
D. Market price

Question 1190:

• JAMB 2018

Which of the following is a common cause of a discrepancy between head office and branch trial office________

A. Stock and repayment
B. Creditors and cash in transit
C. Stock and cash in transit
D. Debtors and cash in transit